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A quarterly magazine of the IMF
  September 2000
Volume 37, Number 3
Economies in Transition

Taking Stock
Stanley Fischer and Ratna Sahay
Economic performance has differed widely among the transition economies. The best performers are countries that were the most committed to reform at the start and that have carried out reforms rapidly and consistently.

Political Economy of Stalled Reforms
Oleh Havrylyshyn and John Odling-Smee
Powerful vested interests in some of the transition countries oppose further reform. But, even in this difficult climate, reform can and should continue.

Poland's Transformation
Leszek Balcerowicz
Poland has made considerable progress over the past decade in transforming its centrally planned economy into a market-oriented one, but challenges remain. How can it best complete this transformation and facilitate its integration into the European Union?

Latvia: Focus on Country Development
Einars Repse
Latvia has made considerable progress over the past decade in transforming its centrally planned economy into a market-oriented one. What role has its central bank played in this transition, and what steps is it taking to promote the country's continuing economic development?

The Modernization Challenge Facing President Putin
Andrei Nesterenko
Having established and strengthened basic market and democratic institutions during the 1990s, Russia became an emerging market country that badly needs a modernization breakthrough. How can the government of President Vladimir Putin attain this goal?

Central Europe: From Transition to EU Membership
Robert A. Feldman and C. Maxwell Watson
The Central European countries have made considerable progress with the transition to a market economy and now face the challenge of developing macroeconomic policy frameworks on the road to EU accession.

Estonia Moves Toward EU Accession
René Weber and Günther Taube
Estonia's rapid transition to a market economy and integration into the world economy have intensified its economic and political ties with Western Europe. It now faces the challenge of meeting the remaining requirements for EU membership and eventual participation in EMU.

Central and Eastern Europe and the New Financial Architecture
Roger Nord
As the Central and Eastern European countries prepare to join the European Union, they are participating in worldwide efforts to strengthen the global economy by increasing the transparency of their economic policymaking and financial institutions, adopting internationally accepted standards, and strengthening their financial systems.

Building Treasury Systems
Barry H. Potter and Jack Diamond
Most OECD countries rely on treasury systems operated by their finance ministries to manage government finances. The Baltics, Russia, and other countries of the former Soviet Union, which did not have comparable systems, are building them from scratch.

Central Asia: Achievements and Prospects
Emine Gürgen
Although the five Central Asian countries in transition have made progress in moving to a market economy, they still have far to go and need to intensify their reform efforts.

Can Monetary Policy Be Effective During Transition?: Lessons from Mongolia
Torsten Sløk
Mongolia has undergone dramatic changes during its transition to a market economy, with fundamental restructuring in both the real economy and the financial sector. How effective is monetary policy in such a changing environment?

Monetary Policy

Monetary Regimes and Inflation Targeting
Enzo Croce and Mohsin S. Khan
Inflation targeting—a framework for monetary policy that commits the central bank to achieving low inflation—has enjoyed considerable success among industrial countries in helping to maintain price stability. Developing countries may also benefit from this approach, which enhances transparency and compels policymakers to deepen reforms.

Financial Focus

New Tools for Assessing Financial System Soundness
Paul Hilbers, Russell Krueger, and Marina Moretti
Macroprudential indicators—defined broadly as indicators of the health and stability of the financial system—can help countries assess their banking systems' vulnerability to crisis. In recent years, an increasing amount of work has been done on such indicators as part of efforts to strengthen the international financial architecture.

Guest Article

Funding the IMF: The Debate in the U.S. Congress
Mary Locke
It has been said that the U.S. Congress works in mysterious ways. During the 1997-98 debate on increasing funding for the IMF, some supporters of the IMF viewed the increasingly intense debate with foreboding. Even some knowledgeable insiders believed that opponents of the quota increase were getting the upper hand. So how was it that full funding was ultimately approved?

Point of View

Making the Transition to Private Ownership
János Kornai



From the Editor

Book Reviews

Without a Map: Political Tactics and Economic Reform in Russia by Andrei Shleifer and Daniel Treisman—Itzhak Goldberg and Lev Freinkman

On Money and Markets: A Wall Street Memoir by Henry Kaufman—Kristin Roesser